Ocean Park Could See A Profit By 2024: Govt

The government said on Monday that a planned multi-billion-dollar overhaul will allow Ocean Park to return to profitability as soon as 2024.

Under the recently unveiled plans, the attraction will scrap its entrance fees and turn the entire lowland area into a shopping and dining zone for people to enter freely.

Half of the rides in the upper park area south of Brick Hill will also be removed, with the park's chairman Lau Ming-wai saying this will allow maintenance and staff costs to be slashed.

The government is offering more than HK$1.6 billion to the park up front for the coming year and HK$280 million every year for four years to support its conservation work.

Tourism Commissioner Joe Wong said authorities project that Ocean park could break even and see a profit in 2024/25.

"We need time for local visitors to come back and overseas visitors will not be coming back so soon. We have made reference to the analysis and assessment of a number of overseas organisations... it's believed that tourism will only recover in 2023 or 2024," Wong said at a Legco panel meeting.

During the online meeting, several lawmakers asked Edward Yau, the minister for commerce and economic development, whether the park could seek funds from the government again in future.

"Taxpayers don't want to keep giving you money. Can you promise us that you will not come back for more funding in five years?" asked DAB Chairwoman Starry Lee.

The secretary replied that the government doesn't plan to ask for more money for Ocean Park in the near future, adding that he's confident the park will be able to generate a profit by 2024/25.

Ocean Park's chairman, meanwhile, stressed that he doesn't want the park to be a burden on taxpayers, saying the budget for recurrent expenditure has been cut by 30 percent when compared to that of the previous financial year.

Lau added that he is not hoping to turn the retail and dining zone planned for the lower park area into a shopping mall and it will have to align with the park's theme.

He said the government subsidies will also help run a new aqua attraction called Water World.